Some estimates indicate that fifty-six million (56,000,000) workers in the U.S. do not have a traditional banking relationship. But these “unbanked” individuals nevertheless need to function in a society heavily dependent on efficient financial transactions. This is becoming increasingly difficult to accomplish using cash as the medium of monetary exchange.
It is not uncommon for unbanked individuals to be paid by employers with negotiable instruments. It is often inconvenient, however, to convert negotiable instruments to cash. For these and other reasons, systems and methods are needed that allow unbanked individuals to complete financial transactions more efficiently.